Mattress Brand The Sleep Company Raises INR 177 Cr In Series B Funding Round
Summary
Existing investor Fireside Venture also participated in the round, along with Alteria Capital The fresh capital will be used in four areas- brand building, expansion of omnichannel presence and international expansion, strengthening the team The founders want to build an INR 500 Cr company in the next two to three yearsD2C brand The Sleep Company has raised INR 177 Cr ($21 Mn) in its Series B funding round led by Premji Invest. While the D2C brand plans to open 25 stores within this fiscal year, it aims to take the number to 100 by March 2024.The development came at a time when Wakefit, a major competitor of The Sleep Company, is also focusing on offline expansion. We are very confident that offline will be a large chunk of our business in the next two-three years, he said.The D2C brand recently also went global with expansion in Japan, the UAE, and the UK. That has given us confidence that the product has not the potential to win in India but also globally, Priyanka said.Considerably, it has also applied for patents in more than 20 countries, including the UK, the UAE, the US, and some other European countries.The Sleep Company has a two-pronged strategy for international expansion. The organised industry in the segment grew at 17% and currently has a 40% market share.A larger number of D2C brands have emerged in the growing sector, heating up the competition.